news: Ron Paul Tea Party on Lady Bird Lake-- Sweet Leaf Tea support
Guest: <b>Peter Schiff</b>: President of Euro Pacific Capital Inc. (appeared on Bloomberg TV as guest host and in NY Times...LA Times etc.) <br>website: <b>www.europac.net</b><br>
Topics:<br>
..... honest financial reporting; comparing dollars to dollars-- true dollar value; commodities-- home values; bonds compared to bills-- government borrowing; more fed rate cuts coming; cost of living increases; lending to Americans-- predatory and irresponsible lenders (banks) + foreign governments'.<br>
.....foreign exchange affects American borrowing/ expenses; book: "Crash Proof"-- bubble collapse; people in the dark about financial/economic reality; comments on Paulson.<br>
.....national debt awareness; governments promises to pay = taxpayer burden; default on and/or repudiation of U.S. debt; Voelcker and recession; adjustable versus fixed-rate national debt; sub-prime tip of credit bubble iceberg; Ohio-- lack of proof of ownership for foreclosures; Illinois-- Country Wide; good borrowing for capital gains versus bad borrowing for consumption.<br>
.....lies and inflation; CPI (Consumer Price Index) consumer prices fall in free market with corresponding increase in standard of living.<br>
2nd hour:<br>
Guests: <b>Peter Schiff (cont.)</b> and <b>Robby Noel: Host of The Flip Side</b><br>
.....above par mortgages.<br>
.....corporate bail-outs; rising consumer good prices; rising interest rates for the government.   Unable to afford imports-- standard of living drops in America as it rises in China with their currency's rise in value.   Lindsey Williams; buy-out of America; Annual Financial Reports-- GAO refused to sign off due to discrepancies (particularly in military area).  Retiring baby boomers.<br>
.....caller: <b>(1)-</b> debt for consumption; gold.   Oil and gold price relationship characteristics considering inflation.   Government borrows then prints money to pay.  Saving to consume-- not borrowing. <br>
.....<b>(2)-</b> Micro broadcasting in Kentucky.  Media acceptance of Peter Schiff...   Economy  main concern of the people; condescending Wall Street attitude toward average American worker financial position/predicament. Ron Paul situation: plenty of money for primary push...   <b>(3)-</b> foreign buyers of domestic assets; housing prices (booming still in NW: Seattle).<br>  
.....<b>(4)-</b> collapse signals?   Answer (P Schiff): price of gold; dollar value drop acceleration; flight from US bonds and stocks-- Could be too late when you see these signs... diversify now: gold etc. and foreign currency.